Memos

Short, data-driven analyses and perspectives.

Where does the yield come from?

Published 2026-08-19 · data as of 2026-08-17

Issuance, lending and other stories: How $144B of capital on Ethereum earns $3.4B a year.

Published 2026-08-17 · data: 2026-07-27 → 2026-08-02

All 50,224 blocks of the week Ethereum turned eleven: two very different mints, a stablecoin depeg, a poisoning campaign and some MEV.

Published 2026-08-02 · data as of 2026-08-01

Investigating $4.5B of onchain vaults: who actually deposits, and the status of the V1→V2 migration.